International Monetary Fund Annual Report 2009 : Fighting the Global Crisis

Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 2009
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    Executive Directors and Alternates

    ON APRIL 30, 20091

    APPOINTEDELECTED (CONTINUED)
    Meg LundsagerUnited StatesGE HuayongChina
    Daniel Heath(China)
    Daisuke KotegawaJapanHE Jianxiong
    (China)
    Hiromi Yamaoka
    Klaus D. SteinGermany
    Stephan von StenglinMichael HorganAntigua and Barbuda
    (Canada)Bahamas, The
    Ambroise FayolleFranceStephen O’SullivanBarbados
    Benoît Claveranne(Ireland)Belize
    Alexander GibbsUnited KingdomCanada
    James TalbotDominica
    Grenada
    Ireland
    Jamaica
    ELECTEDSt. Kitts and Nevis
    St. Lucia
    Willy KiekensAustriaSt. Vincent and the Grenadines
    (Belgium)Belarus
    Johann PraderBelgium
    (Austria)Czech RepublicPerry WarjiyoBrunei Darussalam
    Hungary(Indonesia)Cambodia
    KazakhstanAdrian ChuaFiji
    Luxembourg(Singapore)Indonesia
    Slovak RepublicLao People’s Democratic Republic
    SloveniaMalaysia
    TurkeyMyanmar
    Nepal
    Age F. P. BakkerArmeniaPhilippines
    Singapore
    Thailand
    (Netherlands)Bosnia and Herzegovina
    Yuriy G. YakushaBulgariaTonga
    Vietnam
    (Ukraine)Croatia
    Cyprus
    Georgia
    IsraelHi-Su LeeAustralia
    Macedonia, former Yugoslav Republic of(Korea)Kiribati
    MoldovaChristopher Y. LeggKorea
    Montenegro(Australia)Marshall Islands
    NetherlandsMicronesia, Federated States of
    RomaniaMongolia
    UkraineNew Zealand
    Palau
    Papua New Guinea
    Ramón Guzmán ZapaterCosta RicaSamoa
    (Spain)El SalvadorSeychelles
    Alfonso GuerraGuatemalaSolomon Islands
    (Mexico)Honduras
    Mexico
    Nicaragua
    Vanuatu
    Spain

    Venezuela, República Bolivariana de
    Jens Olof HenrikssonDenmark
    (Sweden)Estonia
    Jarle Bergo
    (Norway)
    Finland
    Iceland
    Arrigo SadunAlbaniaLatvia
    (Italy)GreeceLithuania
    Miranda XafaItalyNorway
    (Greece)Malta
    Portugal
    San Marino
    Timor-Leste
    Sweden
    A. Shakour Shaalan
    (Egypt)
    Samir El-Khouri
    (Lebanon)
    BahrainMohammad Jafar Mojarrad
    (Islamic Republic of Iran)
    Mohammed Daïri
    (Morocco)
    Afghanistan, Islamic Republic of
    EgyptAlgeria
    IraqGhana
    JordanIran, Islamic Republic of
    KuwaitMorocco
    LebanonPakistan
    Libyan Arab JamahiriyaTunisia
    Maldives
    Oman
    Qatar
    Syrian Arab Republic
    United Arab Emirates
    Yemen, Republic of
    Paulo Nogueira Batista, Jr.
    (Brazil)
    María Inés Agudelo
    (Colombia)
    Brazil
    Colombia
    Dominican Republic
    Ecuador
    Guyana
    Abdallah S. Alazzaz
    (Saudi Arabia)
    Ahmed Al Nassar
    (Saudi Arabia)
    Saudi ArabiaHaiti
    Panama
    Suriname
    Trinidad and Tobago
    Adarsh KishoreBangladesh
    Samuel Itam
    (Sierra Leone)
    Moeketsi Majoro
    (Lesotho)
    Angola(India)Bhutan
    BotswanaK.G.D.D. DheerasingheIndia
    Burundi
    Eritrea
    (Sri Lanka)Sri Lanka
    Ethiopia
    Gambia, The
    Kenya
    Lesotho
    Liberia
    Malawi
    Mozambique
    Pablo Andrés PereiraArgentina
    (Argentina)Bolivia
    David VogelChile
    (Uruguay)Paraguay
    Peru
    Uruguay
    Namibia
    Nigeria
    Laurean W. RutayisireBenin
    Sierra Leone(Rwanda)Burkina Faso
    South AfricaKossi AssimaidouCameroon
    Sudan(Togo)Cape Verde
    SwazilandCentral African Republic
    TanzaniaChad
    UgandaComoros
    ZambiaCongo, Democratic Republic of
    Congo, Republic of
    Thomas Moser
    (Switzerland)
    Katarzyna Zajdel-Kurowska
    (Poland)
    Azerbaijan
    Kyrgyz Republic
    Poland
    Serbia
    Switzerland
    Tajikistan
    Turkmenistan
    Uzbekistan
    Côte d’lvoire
    Djibouti
    Eguatorial Guinea
    Gabon
    Guinea
    Guinea-Bissau
    Madagascar
    Mali
    Mauritius
    Aleksei V. Mozhin
    (Russian Federation)
    Andrei Lushin
    (Russian Federation)
    Russian FederationNiger
    Rwanda
    São Tomé and Principe
    Senegal
    Togo

    The voting power of each chair can be found in Appendix IV on the Annual Report web page (www.imf.org/external/pubs/ft/ar/2009/eng/index.htm); changes in the Executive Board during FY2009 are listed in Appendix V on the Annual Report web page.

    Senior Officers

    ON APRIL 30, 2009

    José Viñals, Counsellor Olivier Blanchard, Economic Counsellor

    AREA DEPARTMENTS

    Antoinette Monsio Sayeh

    Director, African Department

    Anoop Singh

    Director, Asia and Pacific Department

    Marek Belka

    Director, European Department

    Masood Ahmed

    Director, Middle East and Central Asia Department

    Nicolas Eyzaguirre

    Director, Western Hemisphere Department

    FUNCTIONAL AND SPECIAL SERVICES DEPARTMENTS

    Andrew Tweedie

    Director, Finance Department

    Carlo Cottarelli

    Director, Fiscal Affairs Department

    Leslie Lipschitz

    Director, IMF Institute

    Sean Hagan

    General Counsel and Director, Legal Department

    José Viñals

    Director, Monetary and Capital Markets Department

    Reza Moghadam

    Director, Strategy, Policy, and Review Department

    Olivier Blanchard

    Director, Research Department

    Adelheid Burgi-Schmelz

    Director, Statistics Department

    INFORMATION AND LIAISON

    Caroline Atkinson

    Director, External Relations Department

    Akira Ariyoshi

    Director, Regional Office for Asia and the Pacific

    Saleh Nsouli

    Director, Offices in Europe

    Elliott Harris

    Special Representative to the UN Office at the United Nations

    SUPPORT SERVICES

    Shirley Siegel

    Director, Human Resources Department

    Vacant

    Secretary, Secretary’s Department

    Frank Harnischfeger

    Director, Technology and General Services Department

    Jonathan Palmer

    Chief Information Officer, Technology and General Services Department

    OFFICES

    Siddharth Tiwari

    Director, Office of Budget and Planning

    Barry Potter

    Director, Office of Internal Audit and Inspection

    Alfred Kammer

    Director, Office of Technical Assistance Management

    Thomas Bernes

    Director, Independent Evaluation Office

    IMF Organization Chart

    ON APRIL 30, 2009

    1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries.

    2 Attached to the Office of Managing Director.

    Notes
    Chapter 1

    The Fund’s financial year (FY) runs May 1 through April 30.

    For an explanation of SDRs, see “Special Drawing Rights (SDRs)—A Fact Sheet,” available on the IMF’s website at www.imf.org/external/np/exr/facts/sdr.htm.

    On April 2, 2009, the Financial Stability Forum (FSF) was reestablished as the Financial Stability Board with an expanded membership. See FSF Press Release no. 14/2009, “Financial Stability Forum Re-established as the Financial Stability Board,” available on the FSF’s website at www.fsforum.org/.

    Chapter 2

    This chapter is based on material in the April 2009 World Economic Outlook and Global Financial Stability Report. Summings Up of the Executive Board discussions on the October 2008 and April 2009 World Economic Outlook and Global Financial Stability Report are incorporated as part of the two publications, which are available on the IMF’s website (www.imf.org/external/pubs/ft/weo/2008/02/pdf/annex.pdf and www.imf.org/external/pubs/ft/weo/2009/01/pdf/annex.pdf, respectively, for the October and April WEO reports, and www.imf.org/external/pubs/ft/gfsr/2008/02/pdf/annex.pdf and www.imf.org/external/pubs/ft/gfsr/2009/01/pdf/annex.pdf, respectively, for the October and April GFSRs) or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    Chapter 3

    See, for example, Chapter 1, “Global Prospects and Policy Issues,” in the World Economic Outlook Reports from October 2007 (available on the IMF’s website at www.imf.org/external/pubs/ft/weo/2007/02/) and April 2008 (available at www.imf.org/external/pubs/ft/weo/2008/01/), as well as Chapter 1, “Assessing Risks to Global Stability,” in the Global Financial Stability Reports from October 2007 (available at www.imf.org/External/Pubs/FT/GFSR/2007/02/index.htm) and April 2008 (available at www.imf.org/External/Pubs/FT/GFSR/2008/01/index.htm).

    The Board briefing was informed by staff work by a number of Fund departments. See “Food and Fuel Prices—Recent Developments, Macroeconomic Impact, and Policy Responses,” available on the IMF’s website at www.imf.org/external/np/pp/eng/2008/063008.pdf, and “The Balance of Payments Impact of the Food and Fuel Price Shocks on Low-Income African Countries: A Country-by-Country Assessment,” available at www.imf.org/external/np/pp/eng/2008/063008a.pdf.

    Web Boxes and Web Tables can be found on the web page, along with the appendices and other material pertaining to the Report. The web page’s address is www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. To take advantage of advances in technology and make the Annual Report more succinct and compelling, the Executive Board decided in 2007 to divide the Report into two components, the printed Report and an accompanying CD-ROM. This year, to benefit from further technological advances, the Annual Report web page on the IMF’s website replaces the CD-ROM as the complementary component to the printed Report. A CD-ROM including the web page materials is also available, upon request, from the IMF’s Office of External Relations.

    See “IMF Executive Board Discusses the Fund’s Response to the 2007-08 Financial Crisis and Collaboration with the Financial Stability Forum,” PIN 08/132, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08132.htm, or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See the following Public Information Notices, all available via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm or on the IMF’s website via the URLs provided: “IMF Reforms Exogenous Shocks Facility,” PIN 08/130, available at www.imf.org/external/np/sec/pn/2008/pn08130.htm; “IMF Executive Board Reviews the Fund’s Financing Role,” PIN 08/131, available at www.imf.org/external/np/sec/pn/2008/pn08131.htm; “IMF Executive Board Has Preliminary Discussions on Adequacy of and Options for Supplementing Fund Resources,” PIN 09/24, available at www.imf.org/external/np/sec/pn/2009/pn0924.htm; “IMF Executive Board Discusses Reforms of Lending Instruments for Low-Income Countries,” PIN 09/38, available at www.imf.org/external/np/sec/pn/2009/pn0938.htm; “IMF Executive Board Discusses Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt,” PIN 09/39, available at www.imf.org/external/np/sec/pn/2009/pn0939.htm; and “IMF Executive Board’s Initial Discussion on Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options,” PIN 09/41, available at www.imf.org/external/np/sec/pn/2009/pn0941.htm.

    See “IMF Overhauls Nonconcessional Lending Facilities and Conditionality,” PIN 09/40, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0940.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Has Preliminary Discussions on Adequacy of and Options for Supplementing Fund Resources,” PIN 09/24, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0924.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    Japan indicated in November 2008 that it would be prepared to lend up to US$100 billion to the IMF to overcome the global crisis. The terms of the IMF’s bilateral lending agreement with the Government of Japan were signed on February 13, 2009.

    See “Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative—A Fact Sheet,” available on the IMF’s website at www.imf.org/external/np/exr/facts/hipc.htm, and “The Multilateral Debt Relief Initiative (MDRI)—A Fact Sheet,” available at www.imf.org/external/np/exr/facts/mdri.htm, for details on these two initiatives.

    Decision and completion points under the initiative are explained in “Poverty Reduction and Debt Relief” in Chapter 4.

    See “The Executive Directors of the IMF Hold Seminar on Fuel and Food Price Subsidies—Issues and Reform Options,” PIN 08/135, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08135.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm, as well as “Food and Fuel Prices—Recent Developments, Macroeconomic Impact, and Policy Responses,” available on the IMF’s website at www.imf.org/external/np/pp/eng/2008/063008.pdf, which the Board discussed informally at a June 2008 meeting, and its September 2008 update, available at www.imf.org/external/np/pp/eng/2008/091908.pdf.

    See “IMF Executive Board Discusses ‘Initial Lessons of the Crisis,’” PIN 09/30, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0930.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm, as well as the titular staff paper that formed the basis for the discussion, available on the IMF’s website at www.imf.org/external/np/pp/eng/2009/020609.pdf.

    Doubling of the institution’s lending capacity was the proposal at the time; however, later recommendations were to triple this capacity. See “Making Sure the Fund Has Adequate Resources to Meet the Crisis.”

    See “IMF Executive Board Holds Board Seminar on the State of Public Finances: Outlook and Medium-Term Policies after the 2008 Crisis,” PIN 09/31, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0931.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “The Balance of Payments Impact of the Food and Fuel Price Shocks on Low-Income African Countries: A Country-by-Country Assessment,” available on the IMF’s website at www.imf.org/external/np/pp/eng/2008/063008a.pdf, and “Food and Fuel Prices—Recent Developments, Macroeconomic Impact, and Policy Responses,” available at www.imf.org/external/np/pp/eng/2008/063008.pdf, as well as its September 2008 update, available at www.imf.org/external/np/pp/eng/2008/091908.pdf.

    The report is available on the IMF’s website at www.imf.org/external/pubs/ft/books/2009/globalfin/globalfin.pdf.

    See “IMF Executive Board Discusses Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt,” PIN 09/39, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0939.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    For the Board discussion surrounding the Triennial Surveillance Review, see “IMF Executive Board Reviews the Fund’s Surveillance,” PIN 08/133, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08133.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. For additional information on the IMF’s surveillance priorities, see “Surveillance Priorities for the International Monetary Fund: 2008-2011,” available on the IMF’s website at www.imf.org/external/np/pdr/surv/2008/index.htm.

    See “International Working Group of Sovereign Wealth Funds Is Established to Facilitate Work on Voluntary Principles,” Press Release 08/97, available on the IMF’s website at www.imf.org/external/np/sec/pr/2008/pr0897.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Convenes Second Annual Roundtable of Sovereign Asset and Reserve Managers,” Press Release 09/44, available on the IMF’s website at www.imf.org/external/np/sec/pr/2009/pr0944.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Integrates the Offshore Financial Center Assessment Program with the FSAP,” PIN 08/82, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0882.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Reviews Progress in Members’ Provision of Data to the Fund for Surveillance Purposes,” PIN 08/60, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0860.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Reviews Data Standards Initiatives,” PIN 08/147, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08147.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. For additional information about the IMF’s data standards initiatives, see “IMF Standards for Data Dissemination—A Fact Sheet,” available on the IMF’s website at www.imf.org/external/np/exr/facts/data.htm.

    Subscription to the SDDS and participation in the GDDS are voluntary. Approximately four-fifths of IMF member countries either subscribe to the SDDS (64 subscribers as of April 30, 2009) or participate in the GDDS (95 participants as of that date), and six countries have graduated from the GDDS to the SDDS since the inception of the GDDS in 1997. Algeria, Bahrain, San Marino, and the United Arab Emirates began their participation in the GDDS during FY2009.

    For further information on the survey, please see Thomas Dorsey, “Trade Finance Stumbles,” in the March 2009 issue of Finance and Development, available on the IMF’s website at www.imf.org/external/pubs/ft/fandd/2009/03/.

    On a regular basis—usually once a year—IMF economists visit member countries to gather information and exchange views with government and central bank officials; they often also meet with other stakeholders, such as parliamentarians and representatives of business, the financial sector, labor unions, and civil society, to help evaluate the country’s economic policies and direction. Upon its return to headquarters, the team of economists submits a report to the IMF’s Executive Board for discussion, and the Board’s views are subsequently transmitted to the country’s authorities. Most of the reports are published on the IMF’s website.

    See “IMF Executive Board Holds Board Seminar on Fiscal Risks—Sources, Disclosure, and Management,” PIN 08/73, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0873.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Concludes 2008 Discussions on Common Policies of WAEMU Countries,” PIN 08/63; “IMF Executive Board Concludes 2008 Article IV Consultation on Euro Area Policies,” PIN 08/98; and “IMF Executive Board Discusses Paper on GCC Monetary Union: Choice of Exchange Rate Regime,” PIN 08/144, all available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0863.htm, www.imf.org/external/np/sec/pn/2008/pn0898.htm, and www.imf.org/external/np/sec/pn/2008/pn08144.htm, respectively, or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. The Board also discussed common policies of CEMAC countries in August 2008.

    The REOs are available via the REO web page on the IMF’s website, available at www.imf.org/external/pubs/ft/reo/reorepts.aspx. Materials related to the REOs published in FY2009 can also be found on the IMF’s website.

    Chapter 4

    The IEO report is available on the IMF’s website at www.ieo-imf.org/eval/complete/eval_05212008.html or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. See also the IEO’s press release announcing the report’s release, “IEO Calls for Strengthening of Governance at IMF,” IEO Press Release 08/02, available on the IMF’s website at www.ieo-imf.org/eval/complete/eval_05212008.html.

    See “IMF Executive Board Discusses Working Group Report Following IEO Evaluation of Fund Corporate Governance,” PIN 08/134, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08134.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. The working group’s report is also available via the Annual Report web page or on the IMF’s website at www.imf.org/external/np/pp/eng/2008/073108.pdf.

    The committee’s report, commonly referred to as the “Manuel Report,” is available on the IMF’s website at www.imf.org/external/np/omd/2009/govref/032409.pdf or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Concludes Discussion on the Role of the Fund in Low-Income Countries,” PIN 08/125, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08125.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Discusses Reforms of Lending Instruments for Low-Income Countries,” PIN 09/38, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0938.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm. The Board discussion was based on a staff report, “The Fund’s Facilities and Financing Framework for Low-Income Countries,” available on the IMF’s website at www.imf.org/external/np/pp/eng/2009/022509.pdf.

    See “IMF Executive Board Discusses Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt,” PIN 09/39, available on the IMF’s website at www.imf.org/external/np/sec/pn/2009/pn0939.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Status of Implementation,” available on the IMF’s website at www.imf.org/external/pp/longres.aspx?id=4278.

    See “IMF Executive Board Discusses Reforms to Enhance the Impact of Fund Technical Assistance,” PIN 08/58, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0858.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Discusses the Policy for Country Contributions for Capacity Building,” PIN 08/129, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08129.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    The country contributions will be 10 percent of cost for low-income countries, 30 percent for lower-middle-income countries, 50 percent for upper-middle-income countries, and 100 percent for high-income countries. Numerous specific types of TA are exempt from charges: (1) assessments under the Financial Sector Assessment Program or Reports on the Observance of Standards and Codes (ROSCs), (2) donor-financed TA, (3) TA to program countries, (4) TA interventions falling under a de minimis threshold, (5) regional TA seminars, workshops, and conferences, and (6) cross-participation of Fund staff in other international organizations’ TA missions.

    See “IMF Executive Directors Hold Seminar on Training as Part of Capacity Building,” PIN 08/66, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0866.htm or via the Annual Report web page at www.imf.org/external/np/sec/pn/2008/pn0866.htm.

    Chapter 5

    For an explanation of the SDR and related issues, see “Special Drawing Rights (SDRs)—A Fact Sheet,” available on the IMF’s website at www.imf.org/external/np/exr/facts/sdr.htm.

    Credit tranches refer to the size of purchases (disbursements) in terms of proportions of the member’s quota in the IMF; for example, disbursements up to 25 percent of a member’s quota are disbursements under the first credit tranche and require members to demonstrate reasonable efforts to overcome their balance of payments problems. Requests for disbursements above 25 percent are referred to as upper credit tranche drawings; they are made in installments as the borrower meets certain established performance targets. Suchdisbursements are normally associated with a Stand-By or Extended Arrangement (and also the new Flexible Credit Line). Access to IMF resources outside an arrangement is rare and expected to remain so.

    In early May 2009, the Executive Board approved a targeted lifting of the suspension of technical assistance to Zimbabwe.

    For more information on the new income model, see “Income, Charges, Remuneration, and Burden Sharing” earlier in the chapter

    See “Statement by the Managing Director on Strategic Directions in the Medium-Term Budget,” available on the IMF’s website at www.imf.org/external/np/pp/eng/2008/041208.pdf.

    See “Outcome of the FY2009 Downsizing” later in this chapter.

    The Executive Board also authorized the carry-forward of up to $30 million in unused resources from the FY2008 administrative budget to the restructuring budget. Based on latest available data as of the end of the financial year, total restructuring expenditures were projected to remain within the Board-authorized restructuring budget.

    A supplemental allowance of $79,120 is paid to cover expenses.

    See “IMF Executive Board Discusses Working Group Report Following IEO Evaluation of Fund Corporate Governance,” PIN 08/134, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08134.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Executive Board Discusses Implementation Plan Following IEO Evaluation of Structural Conditionality in IMF-Supported Programs,” PIN/08/52, available on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn0852.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “IMF Concludes Discussion of the Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations,” PIN/08/150, available, along with the PMR itself, on the IMF’s website at www.imf.org/external/np/sec/pn/2008/pn08150.htm or via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2009/eng/index.htm.

    See “Selected Decisions and Selected Documents of the IMF, Thirtieth Issue—Transparency and Fund Policies—Publication Policies,” available on the IMF’s website at www.imf.org/external/pubs/ft/sd/index.asp?decision=13564-(05/85).

    See “Key Trends in Implementation of the Fund’s Transparency Policy,” available on the IMF website at www.imf.org/external/np/pp/eng/2009/022309.pdf.

    Acronyms and Abbreviations

    ACRM

    Advisory Committee on Risk Management

    AFRITAC

    Africa Technical Assistance Center

    AML/CFT

    anti-money laundering/combating the financing of terrorism

    CAM

    Committee on Executive Board Administrative Matters

    CAPTAC-DR

    Dominican Republic Technical Assistance Center

    CEMAC

    Central African Economic and Monetary Community

    CIS

    Commonwealth of Independent States

    CSO

    civil society organization

    DQAF

    Data Quality Assessment Framework

    EAC

    External Audit Committee

    EC

    European Commission

    ECB

    European Central Bank

    ECCU

    Eastern Caribbean Currency Union

    ECOWAS

    Economic Community of the West African States

    EMU

    European Monetary Union

    ENDA

    Emergency Natural Disaster Assistance

    EPCA

    Emergency Post-Conflict Assistance

    ESF

    Exogenous Shocks Facility

    FCL

    Flexible Credit Line

    FSAP

    Financial Sector Assessment Program

    FSB

    Financial Stability Board

    FY

    financial year

    G-20

    Group of Twenty

    GCC

    Gulf Cooperation Council

    GDDS

    General Data Dissemination System

    GFSR

    Global Financial Stability Report

    GRA

    General Resource Account

    HIPC

    Heavily Indebted Poor Countries

    IDA

    International Development Agency

    IEO

    Independent Evaluation Office

    IMFC

    International Monetary and Financial Committee

    JSAN

    Joint Staff Advisory Note

    LIC

    low-income country

    MDRI

    Multilateral Debt Relief Initiative

    MTB

    medium-term administrative budget

    OECD

    Organization for Economic Cooperation and Development

    OED

    Office of Executive Director

    OFC

    offshore financial center

    OIA

    Office of Internal Audit and Inspection

    PMR

    Periodic Monitoring Report

    PRGF

    Poverty Reduction and Growth Facility

    PRSP

    Poverty Strategy Reduction Paper

    PSI

    Policy Support Instrument

    REO

    Regional Economic Outlook

    RTAC

    regional technical assistance center

    SBA

    Stand-By Arrangement

    SCA-1

    Special Contingent Account

    SDDS

    Special Data Dissemination Standard

    SDR

    Special Drawing Right

    SLF

    Short-Term Liquidity Facility

    SWF

    sovereign wealth fund

    TA

    technical assistance

    TTF

    topical trust fund

    WAEMU

    West African Economic and Monetary Union

    WEO

    World Economic Outlook

    Credits:

    This Annual Report was prepared by the Editorial and Publications Division of the IMF’s External Relations Department. Kate Langdon and Sandy Donaldson served as advisors to the Report team, which was under the direction of the Committee on the Annual Report, chaired by Thomas Moser. The editor was Michael Harrup. Martha Bonilla and Nicole Laframboise made substantial contributions to the writing. Composition of the Appendixes and Web materials was done by Alicia Etchebarne-Bourdin. Teresa Del Rosario provided assistance with the preparation.

    Photography:

    John Foxx/Getty Images

    Michael Spilotro/IMF staff photo

    Stephen Jaffe/IMF staff photo

    Bagus Indahono/Corbis

    Keith Dannemiller/Corbis

    Antony Njuguna/Reuters/Landov

    Wang Qi/ChinaFotoPress/Newscom

    Jasper Juinen/Getty Images

    Jon Riley/Getty Images

    Najlah Feanny/Corbis

    Jason Hawkes/Getty Images

    Yoshikazu Tsuno/AFP/Getty Images

    moodboard photography/Veer

    Evelyn Hockstein/MCT/Newscom

    Georges Gobet/AFP/Getty Images

    Issouf Sanogo/AFP/Getty Images

    Eugene Salazar/IMF staff photo

    Tom Dooley/IMF staff photo

    Antony Edwards/Getty Images

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